Tezos XTZ: Price Analysis and Projections

Tezos is a blockchain company that has slowly been building its reputation as a reliable and necessary technology in the industry. Known for its decentralized Tezos protocol and on-chain governance, the company was co-founded by Kathleen Breitman. Tezos Foundation’s latest partnership with ChainLink, to go alongside the other partners Cryptonomic SmartPy, is set to elevate the company even further. The Tezos ecosystem is growing, making use of smart contracts and proof of stake, to set themselves apart. As such, we have decided to create a technical analysis of their native token XTZ on how it relates to the crypto market.

XTZBTC: WEEKLY

The above XTZBTC chart from a weekly perspective shows traders and investors favoring the XTZ over the BTC, as they reinforce their position after the pair flagged a hidden bullish divergence on 06 April 2020, confirming the support zone.

Traders should prepare to enter long on the XTZBTC as the bears push the price towards the support zone. We suggest going to the daily time frame for better entry back to the upside after the price enters the support zone.

Conclusion and Projection

Following the above analysis, we conclude that there is a massive demand for the Tezos XTZ pair compared to the USD. However, traders appear to flock towards the Bitcoin BTC for a short term period.

It’s a waiting game from here on the XTZBTC, and traders should prepare to jump into the upward trend as soon as the XTZBTC coincides with the MA-50 from a daily time frame.